Romania’s Alro Group, one of the largest vertically integrated aluminium producers in Europe by production capacity has disclosed on 10th November’20, that it is borrowing a total $150 million in extension to a $235.1 million credit facility, which was first accessed in 2015.
Alro said in a statement during filling with the Bucharest Stock Exchange: “Shareholders have decided to prolong the maturity of the credit line in value up to $120 million until November 20, 2023, and the maturity of the credit line used for issuing letters of credit and guarantee letters with a value of $30 million until 29th February 2024.”
The shareholders of the company have also decided to replace banks syndicate coordinator Raiffeisen Bank with state-owned Exim Bank.
Florin Cîțu, Romania’s economy ministry in September’20 said: “Alro received 243 million lei ($59 million/ 50 million euro) in state aid to fight the impact of the coronavirus crisis on its operations. The state aid to Alro is part of a 1.4 billion lei support scheme which offers compensation to energy-intensive companies in Romania for indirect emission costs.”
Established in 1961, Alro is a listed joint-stock company in Romania and part of an integrated group that produces aluminium and covers the entire technological process, from bauxite to processed products.
Alro is a subsidiary of Vimetco N.V., a global, vertically-integrated primary and processed aluminium producer, which has operations in Romania, China and Sierra Leone.
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